Tag Archives: BetIndex

APBGG: DCMS must define remit and duties of ‘under-performing’ UKGC

The UK Gambling Commission (UKGC) has been branded an “under-performing regulator’ that has acted beyond its powers by the All-Party Parliamentary Group on Betting and Gaming (APBGG) providing recommendations to the 2005 Gambling Act Review.  Publishing its ‘Investigation into the Competence and Effectiveness of the Gambling Commission’, the cross-party group described the Commission as having gone’ rogue’ and adopting an …

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Year in Review Part Two: Bidding battle for Hills and legislative backlash in Germany

The second quarter of 2021 saw major developments across the European betting industry, as Germany introduced a new tax regime, British regulators came under increasing scrutiny and a major bidding contest got underway. In Germany, April saw the ratification of the federal Fourth Interstate Treaty on Gambling (GlüNeuRStV) by the Bundesländer of Saxony-Anhalt, following approval by 13 other states.  The …

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Year in Review Part One: Gambling Act review commences and firms count the costs of 2020

As 2021 began, the UK betting sector was fixated with the onset of the review of the 2005 Gambling Act review, the outcomes of which would become clearer as the year progressed. The overhaul of the UK’s regulatory gambling regime did not just catch the eye of industry leaders, however, as Chancellor of the Exchequer Rishi Sunak voiced his concerns …

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Government review identifies ‘lessons to be learned’ regarding Football Index

The UK government has revealed the findings and conclusions of its investigation into the collapse of player exchange platform Football Index, making recommendations to the UK Gambling Commission (UKGC). First launched in April following the decline of Football Index after a number of users abandoned the site, leading to BetIndex entering administration, the Independent Review was led by Malcolm Sheehan …

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UKGC alters digital oversight following Football Index investigation

In response to an investigation into the collapse of BetIndex, the UK Gambling Commission (UKGC) has announced that it will make changes to its regulatory oversight of digital gambling products. The Independent Review highlighted a number of areas for improvement from both the UKGC and the Financial Conduct Authority (FCA). In response to the review’s recommendations, the UKGC has introduced …

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Football Index allows customers to withdraw account funds

The website for football player exchange platform Football Index has gone back online after months of inactivity, allowing the operator’s customers to withdraw previously inaccessible funds. BetIndex, Football Index’s parent company, had been involved in extensive deliberations with both its administrators Begbies Traynor and the High Court of England and Wales regarding the final date for the payout of dividends …

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UKGC issues update on BetIndex administration as investigation continues

The UK Gambling Commission (UKGC) has released an update on the situation regarding BetIndex, the parent company of football trading exchange Football Index, which remains in administration. Explaining its stance, the regulator stated that it is the responsibility of BetIndex administrators and the courts to resolve the return of funds to customers affected by the collapse of Football Index. The …

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DCMS appoints Sheehan QC to lead regulatory review of Football Index

DCMS has confirmed that Malcolm Sheehan QC will lead its independent review into the collapse of BetIndex, the operating company of failed football trading platform Football Index.  Sheehan will conduct a review of the regulatory failings concerning Football Index’s collapse, which will be reported back to the government in its ongoing review of the 2005 Gambling Act. The review will …

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Football Index £4.5m claims hearing taken to High Court

The High Court of Justice for England and Wales has taken on the hearing regarding the distribution of over £4.5 million in funds to former customers of Football Index. Begbies Traynor, the insolvency practitioners for Football Index parent company BetIndex, initially began to process claims against the company in April, one month after the operators collapse.  After the firm initiated …

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